Stillfront launches strategic review as it eyes asset sales amid revenue decline

Global games company Stillfront Group has launched a strategic review to maximise the shareholder value of certain assets. 

Following Alexis Bonte’s appointment as president and group CEO, the board and management have initiated a strategic review to explore ways to maximise the group's value creation.

Stillfront said the strategic review aims to assess specific assets to help the group reallocate resources toward more scalable franchises and growth opportunities.

Moreover, the strategic review could lead to the sale or closure of certain assets, with the goal of “unlocking" shareholder value and focusing investment on areas with the “highest potential" for long-term growth. 

The company has also tapped capital market firm Carnegie (DNB) and Aream as financial advisors to assist with its strategic review and will provide updates on the outcome in line with regulatory requirements.

Declining revenue 

Stillfront said the strategic review does not affect the previously announced SEK 200–250 million ($20-25m) cost savings program introduced in Q3 2024. 

Moreover, the company reported a net revenue of SEK 1,545m ($160m) in Q1 2025, reflecting a 12% organic decline. However, the company saw improvements in profitability, with the gross margin rising to 81%, and adjusted EBITDAC increasing 12% to SEK 402m ($41m), and the EBITDAC margin climbed to 26%. 

Net profit reached SEK 23m ($2m) while free cash flow grew to SEK 194m ($20m), totalling SEK 1,107m ($114m) over the past 12 months. 

Total net debt stood at SEK 4,379m ($454m), with a pro forma adjusted leverage ratio of 1.93x. Stillfront ended the period with SEK 934m ($96m) in cash and SEK 1,390m ($144m)  in available credit.